TORONTO, Dec 21 (Reuters) - After a brief drop at the start, the Toronto Stock Exchange’s main index bounced up more than 70 points on Friday morning, taking a cue from Research In Motion RIM.TO, which was upgraded by analysts after it reported expectation-beating profits.
The maker of the popular BlackBerry said third-quarter profit more than doubled. Its stock -- one of the heaviest on the TSX index -- shot up C$12.24 to C$118.76.
Overall, the S&P/TSX composite index .GSPTSE rose 74.62 points, or 0.6 percent, to 13,481.63, with only three of its 10 main sectors in positive territory.
The tech group surged 3 percent, materials added 1.6 percent and consumer staples was up 0.3 percent. Gold firms were also higher on the back of rising bullion prices.
$1=$1 Canadian Reporting by Jonathan Spicer; Editing by Scott Anderson